CA Inter Cost And Management Accounting By CMA Chander Dureja
About CA Inter Cost and Management Accounting
Accounting is a business language. We can use this language to communicate financial transactions and their results.
Cost accounting and management accounting are two crucial terms in accounting which might be use to control and formulate the organisation’s regulations. Both are used for different purposes with different styles.
Let’s look at the main differences.
Cost accounting deals with calculating also assessing costs and expenses to purchase or produce something.
It relates to the calculation per unit cost using different costing techniques.
Its primary purpose is to facilitate managers in decision-making.
The main activities of cost accounting are Budgeting:
In costing accounting, numerous budgets are prepare, displaying value, revenue, earnings, manufacturing capacity, and performance of plant and equipment, as well as the performance of employees.
The finances is planned in a scientific and systematic manner this is regularly specific to the business enterprise, as reports aren’t certain to the ideas of Generally Accepted Accounting Principles (GAAP).Classify and break down costs for external reporting and internal profit measurement.
Since costs are calculate on a detailed level, identifying profitable and unprofitable items or activities becomes easy.
Overall Management accounting relates to the provision of appropriate information for decision-making, planning, cost control, and performance evaluation.
Management accounting turns data into information, knowledge, and wisdom about a business entity’s operations.
This is one step further than cost accounting.
Management accounting works to know the reasons for profit or loss and studies the factors which influence efficiency to assist in decision making.
Therefore, cause and effect is an important feature of management accounting.
About CMA Chander Dureja teacher of CA Inter Cost and Management Accounting
CMA Chander Dureja received his CMA certificate in June 2006.He has been the Director of Lord Krishna Commerce Academy (New Delhi) for 9 years now. He has been concerned in the coaching area for the remaining 11 years.
Chander Dureja also has worked with the Institute of Cost Accountants of India for 3 years and was award the best faculty in 2013 for his teaching subjects’ excellent grasp.
Chander Dureja runs an education institute called Lord Krishna Commerce Academy. His interest lies in learning more about the stock and derivative market, of which he is already quite knowledgeable.
He had taught thousands of students through his coaching called Lord Krishna Commerce Academy, which is based in New Delhi.
They overall mainly teaches SFM, Costing, and Finance Management. He received CMA certification in 2006.